"What was stated is incorrect and contrary to the truth altogether. The Kingdom's oil policy stipulates working on balancing of markets and its stability in a way that serves the interests of producers and consumers alike," Prince Abdulaziz said.

Prince Abdulaziz pointed out that the Russian Energy Minister is the initiator and who spoke to the media saying that countries are no longer obligated to cut output which started April 1, and which led to countries increasing their production to offset the lower prices to compensate for the shortfall in revenues.

"We're surprised by the attempts to bring Saudi Arabia into hostilities against the shale oil industry, which is completely false as our Russian friends recognize as well," Prince Abdulaziz added.

Prince Abdulaziz affirmed that the Kingdom is a major investor in the US energy sector.

The Energy Minister stressed that the Kingdom is still welcoming anyone who wants to find solutions to the challenges of the oil market, saying that "the Kingdom has called for an urgent meeting of OPEC+ countries in addition to several other countries, in line with its commitment to cooperation."